Opec should bear in mind its history
The past offers painful warnings against the temptations that 2021 may bring
The start of 2021 has proven as turbulent as the year just gone, even by the tumultuous historical standards of the oil industry. Saudi Arabia’s 2020 efforts to rally Opec producers and expand the scope of its wider Opec+ alliance to arrange ‘orderly’ production cuts and support prices threatened to unravel in the face of intransigence from Russia and others. The kingdom’s decision to bear an ever greater cuts burden has calmed the market for now. But, for the rest of the year and beyond, the attitude and behaviour of all Opec members and their allies will be critical for the oil market’s supply side. And, to try to see into the future, we should remind ourselves of the way Opec has behaved
Also in this section
13 November 2025
The new federal government appears far more supportive of oil and gas than former prime minister Justin Trudeau’s climate-focused administration, but the prospects look better for the latter hydrocarbon
12 November 2025
The November 2025 issue of Petroleum Economist is out now!
10 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
10 November 2025
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
